It's a new year. Fresh starts typically replace old habits during this season, but that might leave your partnerships (and income) uncertain. As your clients evaluate their expenditures from the previous year and dig into 2018 budgets, rise above their bottom line projections and make a personal impact. Focus on client retention.
It's common knowledge that acquiring a new client costs more than nurturing an established one. Marketing Land explained that this concept of "retention marketing" should be part of your B2B strategy, with an emphasis placed on customer experience. Retaining your current clients gives you more opportunities to up-sell, or cross-sell, as you develop new products and services. Plus, pricing isn't as much of a concern because existing customers already appreciate the value you provide.
So, how can you be sure that your clients stick with you in 2018? The answer is simple: Focus on their needs — not yours.
If the term "psychographics" brings to mind images of lava lamps and tie-dye shirts, think again.
Psychographic marketing isn't a throwback to 1970s business promotion techniques, but rather a marketing approach that focuses on human attitudes and interests. Here's some insight into psychographics, and tips for putting them to work for you.
What are Psychographics?
When marketers dig into the psychographics of their target customers, they're learning about behaviors, values, interests, opinions, attitudes and activities. This approach often augments traditional demographics-based audience personas.
Since the dawn of television, brands have used the platform to successfully deliver their messages directly to viewers' homes. From small, local businesses to global organizations, television advertising has been a staple of the traditional media mix for brands for generations. But over the past decade, TV consumption has changed dramatically — especially among one particular group.
The Challenge of the Unreachables
Coined by Heart & Science CEO Scott Hagedorn as "the unreachables" in a Wall Street Journal article, a significant portion of millennials and Gen Xers are shying away from traditional means of consuming television. Instead, these adults watch TV programs through apps on mobile devices and through streaming services like Netflix and Hulu.
Local businesses face unique challenges (and opportunities) when it comes to generating leads and growing their base within their targeted service area. Home services marketing strategies typically have the luxury of using digital marketing channels while also finding continued success in certain forms of traditional marketing.
If you're a home services business owner who's eager to expand your lead-gen channels, there are three strategies that can help you broaden your business base and maximize your leads, and customer conversions.
Expectations have never been higher. Thanks to innovative technology and increased competition, people understand that a better customer experience is available to them — and they're willing to look for the brands that can offer it.
The onus is on businesses to improve their approach to customers. Personalization and customization shape the customer experience, and marketing is now required to engage with individuals at an unprecedented level. If you haven't already embraced a customer-centric marketing strategy, you could be risking your company's future by resisting the transition.
You might not think that marketing has much in common with a German festival that's over 200 years old, but in fact, there are a number of things marketers can learn from the annual Oktoberfest tradition. Not convinced? Here are three surprising similarities that might change your mind.
1. It's All About Perception
Did you know that the famous festival isn't actually about beer? Although thirsty travelers come from around the world for a pint of Oktoberfestbier, this tradition, known to locals simply as "Wiesn," celebrates the anniversary of the wedding between Bavarian Crown Prince Ludwig and Princess Therese of Saxony-Hildburghausen. The roots of the festival are in commemorating a historic event, but the popular perception of it as the "ultimate worldwide beer festival" has served it well — year after year, tourists pour into the city.
It's easy for local businesses — especially small ones with a single location — to look at the online world of e-commerce and digital marketing and feel like they exist on their own terms outside of that world. After all, if you own a local dancewear retail company, you might think that since you aren't competing directly with retail giants, you don't really have to exist in the online marketing world, instead relying on local clients and traditional marketing only. However, even though this line of thinking may keep your doors open, it could be limiting your growth potential.
Here's why local businesses can't sit on the fence anymore when it comes to online marketing.
Every autumn, customers wait anxiously as the retail world stares down the single most profitable day of the year. According to Entrepreneur, one in three Americans plan to make a purchase on Black Friday.
That means new buyers and loyal customers alike will be browsing your mobile site, apps and website for a deal. Your special offers and sales are ready to go, but is your digital presence prepared for the seasonal excitement? Can it efficiently handle the influx of holiday online shoppers?
Test Website Responsiveness
A frustrating website experience can encourage customers to turn to your competitors. Before the autumn sales begin, take time to test your desktop and mobile sites for download speed, branding consistency, ease of use and responsiveness to customers' needs. Are you making customized product suggestions? Are subscription forms easy to complete and submit?
Attracting new customers is always important when growing a business, but customer retention is no less important. For most companies, it's four- to six-times more expensive to acquire a new customer than it is to retain an existing one, according to Relationship Building Strategist Ian Kingwill. If you aren't able to keep your churn rate low, then new client acquisitions can't grow business — they will only serve to replace the customers you've lost.
When it comes to retaining customers, brand loyalty is one of the best resources in your marketing toolkit. This loyalty is valuable and can only exist if there's a strong relationship between the customer and the company. Fortunately, this is entirely in your hands.